Bitcoin Forum

To speculate a bit, the reason for why the really big investors apparently avoid bitcoin is because:

1. It's too late to get into the bitcoin game. Too many bitcoins in circulation today. Why make the early bitcoin investors trillionaires so that they can dethrone you as a leading financial investor?

2. Can you imagine a big bankster messing with bitcoin paper wallets? I don't think so.

3. Do you think the big professional financial trading systems can be used for investing in bitcoins today?

4. Do you believe the big professional financial traders want to mess with something unregulated?

Because the time to invest was when bitcoin was single and double digits? Now you would be just enriching other early investors who already dumped distributed coins to the "public" ?

All the while the network has ridiculous inflation at current prices and someone has to pay the bills.

In this thread the presenter in the video talked about how mining is the reason for a falling bitcoin price, not people dumping bitcoins: https://bitcointalk.org/index.php?topic=784830.0

I would add to mining the lack of big whales investing in bitcoins as a major cause of a low price.

The time to invest could come in the future even for the big whales. If the problems I mentioned in the OP are solved and bitcoin becomes mainstream, then oh my, then there could be huge investments by big whales. So my speculation is only about the current situation.

I like it, people starting to get it.

I feel bad for the guy who bought those FBI coins above market price...

Perhaps the reason the FBI wanted to sell them so quickly was because they guessed they would drop in price.

You feel sorry for a rich guy? Why?

That is most likely how he got rich in the first place, by taking chances. And who knows, that investment isn't all dead yet.

I don't.

for so many reasons and this one:
http://www.latimes.com/local/political/la-me-pc-six-californias-initiative-20140912-story.html
https://i.imgur.com/snfZAcb.jpg

Three letters: ETF

Well they can try to avoid, downplay or even denounce Bitcoin, but you can't stop evolution. Money is evolving, fiat is controlled, losing value, and can be created on a whim. Would you trust something can be infinitely created out of thin air? I don't.

It was a joke, but I'd be upset if I were him, regardless of how much money he owns.

Hmm. So, like Bitcoin? Changing block rewards would be simple. What happens if 50%+ of the miners demand higher block rewards?
Saying BTC has a fixed money supply is just worth just as much if the head of central bank would say something like "no more new money will be printed in 100 years".

The really big players are probably just waiting for government regulations to be implemented. And then they will launch their own kickass cryptocurrency and/or start investing in bitcoin like crazy.

I mostly agree. When mining was in the hands of your average joe, they usually held on to most, if not all of their coin. Since miners are now big companies that have huge bills to pay, more bitcoins are hitting the market.

I also remember paying 6.95 CAD per XBT in January 2012 and watching the price drop to 4.38 CAD per XBT in March 2012. It was painful.

It's always painful to watch the invisible hand do its work.

Because they don't really understand money. They understand polititan-leg-fucking.

https://beerbecue.files.wordpress.com/2011/11/dog-humping.jpg

Money is what the guy with the biggest stick tells you it is.

That's not what my horse shoe transacting friend Klaus says, via my medium to the dead people of medieval Hamburg.

If 50%+ of the miners demand higher block reward, they can change the protocol and mine on their own fork. The rest of the network will continue to use Bitcoin and the remaining miners will se their profit increase.

Or those 50%+ just refuse to add transactions to the block chain and will refuse blocks that contain transactions. That strike will continue until the demand is met. And since transaction fees are negligible amount they dont even loose any rewards worth mentioning.
Yes, thats the way it works. The miners are basicly the share holders with the voting rights, not the owners of bitcoins.

And when this happens then developers(holder of coins) change hash-alg and all their investment will evaporate.

And then every user has to decide which fork of the software they want to use. Yeah, blood on the streets, the Bitcoin civil war, begun it has ;)

I think, this civil war will not last long. :-) We already saw hard fork of blockchain.
Maybe if there is some malicious entity with 50+% of power then honest pools/miners can add some signature at the end of mined block ... and we can ignore bad one.

Remember when Warren Buffett said Bitcoin is not safe and is pure gambling and shit? Well, after seeing the methods he is using in  Berkshire Inc. (http://www.berkshirehathaway.com/) I realized that he won't invest in cryptocurrencies at all because he doesn't understand the product (the coin), the market (the exchanges) and the actions made in these 5 years.

That's the way, also he saved its company from disaster in 2000's bubble dot-com. Journalists asked Buffett the secret of surviving and asked: "I don't invest where I don't know how it works".

Several actually. And those have been accepted generally for obvious reasons.
It would really depend on what fork the large "users", that is exchanges, payment processers, online wallets etc.. would prefer.
Also, its not like there are "the" developers anymore, there are enough clients to choose from by now.
Its not like some malicous entity could force you to "upgrade" to the "new and improved" version even if the subverted "the devs".

Be carefull what you wish for. Accept only the blocks with a valid signature? And who is in charge of giving out those signatures?
The Bitcoin foundation? Verisign? Or maybe, you know, just to prevent fraught for your own safety, the loving goverment or the federal reserve?

Your client(SW) will be verifying. ...  I'm talking about really malicious entity .. Chinese government will invest billions into miners(HW) and will build power plant and then use this power to double spend or disallow normal transactions.

Ok. How? Based on what?
E.g. a browser typically has a list of certificates. Basicly the public keys, not really different from the bitcoin addresses (thats basicly also just the public key).
And well, someone has to compile that list.
So, even if i repeat myself, who? "The Bitcoin foundation? Verisign? Or maybe, you know, just to prevent fraught for your own safety, the loving goverment or the federal reserve?".
I mean, if you really have a good sultion i´m pretty sure the whole internet would want to know. There have been enough issues with the current CA-system in the recent years and its time someone came up with a good solution.

I do not think, it is best solutions and I'm sure somebody will bring better (there exists solution for everything).

Example:
1. Everybody sees his transactions are not processed or a lot of double spending.
2. New thread will start @ bitcointalk :-)  (why my transaction are not accepted ... reason will be found.)
3. Pool's operators will say "we do not do malicious things if you believe us then accept block with this signature".
4. Some anonym operator/miner will do the same. This is my public-key. (you do not have to know his identity)
5. some group of honest miner will formed.
6. You can see who broadcast bad blocks or do not provide signatures.
7. New client is released ... you can configure what signatures you will accept.
8. you can choose new group of miners ... or use old one, but that is malfunctioning.

... majority will be formed :-)


 

No, no. Thats an absolutely incredible idea. Pure genius. Its unbelievable nobody thought of that before.

You should immidiatly crosspost your solution in the development section (https://bitcointalk.org/index.php?board=6.0) so that the devs can admire your intellectual prowess.

Explain your solution how to solve problem "Chinese government will invest billions into miners(HW) and will build power plant and then use this power to double spend or disallow normal transactions"

Edit:
Maybe you can ban chinese government attacking bitcoin :-)  ... if they do not know it is IMPOSSIBLE.

Why should i?
You said there was a solution, not me. By definition 50%+ is the mayority. Its a core principle of bitcoin.

I didn't want to get into this dispute, but... why the hell would the Chinese gov invest billions? Those billions will be spent on weapons and luxury houses for the ruling communist party.
The PBoC has already reduced bitcoin to a marginal role in China, if they want they can ban it once and for all, no need to spend millions, let alone billions.

Because its penny market

There is solution for everything. No, even 99+% of hash power does not mean you can do everything. In reality you can do nothing.

I know some "whales". They don't avoid anything that can turn a buck.

Finally I can agree with you on something :-)

That in fact was implemented already and is called Ripple :) Because that's basically replacing the PoW with a trust network.

It's a valid way of investing, that's for sure.  Anything else is just speculating.  Buffet missed the huge run up in the NASDAQ during the tech bubble, and he mostly missed the crash, too.  His record, over time, more than speaks for itself.  And he also has some fiduciary responsibility because he is investing other peoples' money.

Personally, I wouldn't put any more into crypto right now than I could comfortably afford to lose.  Opportunity for big returns is certainly there, but it is still a reasonably immature technology for reasons listed in this thread and others. 

I'm not sure you understand what I'm talking about. (I'm not native speaker)
Edit:
It is Proof of Hashing Power in case malicious entity has 99%. :-) (I'm a little drunk)